Dovre Group Oyj - Interim report (Q1 and Q3)

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 – MARCH 31, 2012

Espoo, Finland, 2012-04-26 07:45 CEST (GLOBE NEWSWIRE) -- 

Dovre Group Plc                         Interim report                         
               April 26, 2012 at 08:45 a.m. 

DOVRE GROUP INTERIM REPORT (IFRS) JANUARY 1 - MARCH 31, 2012

Strong Q1 for Dovre Group

(Unless otherwise stated, last year's corresponding period in parentheses.)

SUMMARY

January - March 2012

  -- Net sales EUR 22.2 (18.6) million - growth 19.5%
  -- Project Personnel: net sales EUR 18.6 (16.0) million - growth 16.5%
  -- Consulting: net sales EUR 2.3 (1.6) million - growth 40.5%
  -- Software: net sales EUR 1.3 (1.0) million - growth 31.7%
  -- Operating result EUR 1.2 (2.5) million. Comparable operating result EUR 1.2
     (0.8) million
  -- Comparable operating result 5.2 (4.3) % of net sales
  -- Result for the period EUR 0.8 (1.4) million. Comparable result EUR 0.8
     (0.2) million
  -- Earnings per share EUR 0.01 (0.02). Comparable earnings per share EUR 0.01
     (0.00)
  -- Net cash flow from operating activities EUR 0.8 (0.6) million

Comparables for 2011 exclude the gain from the closure of the defined benefit
pension plan in Norway (impact on the operating result EUR 1.7 million and the
result for the period EUR 1.2 million). 

In 2012, net sales are expected to grow from 2011. Comparable operating result
is estimated to remain at the same level as in 2011. The guidance has not been
changed. 

The interim report is unaudited.



KEY FIGURES                                   1-3     1-3  Change    1-12
(EUR million)                     2012    2011       %    2011
Net sales                         22.2    18.6    19.5    72.5
Operating result                   1.2     2.5   -52.8     4.9
% of Net sales                    5.2%   13.3%            6.8%
Result for the period              0.8     1.4   -44.6     3.2
% of Net sales                    3.6%    7.7%            4.4%
Net cash flow from operations      0.8     0.6    32.0     2.0
Debt-equity ratio (Gearing), %  -34.5%  -28.9%  -185.5  -34.6%
Earnings per share, EUR                                       
Basic                             0.01    0.02            0.05
Diluted                           0.01    0.02            0.05



JANNE MIELCK, CEO

Last year our net sales grew moderately, but in the first quarter of 2012 we
succeeded in turning our net sales on a stronger growth path. In the first
quarter of 2012 our net sales grew 20% from the first quarter of 2011. All our
business divisions increased their net sales by over 15%, and the Consulting
division even by over 40%. Measured by market area, our net sales grew most
strongly in Europe. 

Our operating result continued its positive development during the first
quarter of 2012. All our business divisions improved their operating result
from 2011. The Group's result in the first quarter of 2012 was EUR 1.2 million,
increasing by EUR 0.4 million compared to the Group's comparable result in the
first quarter of 2011. 

In the first quarter of 2012, we acquired a minority share in a renewable
energy project developer based in Singapore and invested in the company's first
development project, which is located in Indonesia. The partnership has arisen
as part of a strategic study launched at the beginning of the year. 

FUTURE OUTLOOK

General economic insecurity has not affected investment levels in the Oil and
Gas industry, including Project Personnel division's major customers. Thus, we
expect demand for the division's services to remain stable in key market areas.
However, the division's market shows signs of increased competition, which may
affect the levels of gross margin within the industry in general. 

Current market outlook in the Nordic countries, an important market for the
Group's Consulting and Software divisions, is positive. However, economic
instability in Europe may affect customers' investment levels in 2012. 

We will continue developing the Group in accordance with our strategy and
long-term goals. 

In 2012, net sales are expected to grow from 2011. Comparable operating result
is estimated to remain at the same level as in 2011. 

This future outlook is based on forecasts approved by Dovre Group's Board of
Directors. 



Espoo, April 25, 2012

Dovre Group Plc
Board of Directors



For additional information, please contact

DOVRE GROUP PLC
Janne Mielck, CEO
tel. +358-20-436 2000
janne.mielck@dovregroup.com
www.dovregroup.com



Distribution
NASDAQ OMX Helsinki Ltd
Major media
www.dovregroup.com

Attachments:

Dovre Group OVK Q1 2012_EN.pdf